What I have proposed in the past works. It simply does. Although I live in WA State, the"training" that we have spent thousands and thousands on work. Not all of them. But many do. It's safe to say they work in all states.
I am not sure about you, but as a Loan Officer for 10 years now, I have noticed that things are just not what they once were. Things have changed.
We went from maybe 2 or 3 loans a month that we could not close (in the past) now to 15 or 20. The qualifications have changed for the borrower. The banks have changed the way they do things. When 15 out of 20 would qualify for a loan in the past, now only a small % of that number qualify.
The things that you have done in the past to get business don't always work today. Low LTV, home prices lower, your customer wants to do a rate and term on a loan they got two years ago and the LTV is 95% even though they may have put down 10%. We need to change the way we think. The things we do.
One such way is to turn your focus towards "Realtors" - not just in the way you have in the past, but to think in layers. Not just on the surface as maybe you have in the past. By that I mean this; in the past, many LO's knew of the need to get in with a Realtor and work on a relationship. That's a good thing. But now much more is involved.
Today, with the market in its current condition, if your sales are down, chances are so are your Realtors. If they are not selling as much, no matter what you do, that source of "leads" either has or is drying up.
Let's take things to the next level with Realtors. Have you ever thought about going out, using the resources that the Realtor has and help them increase the business flow for them. Help them get more buyers and sellers.
Do more then you have in the past and show them a way to get the sales and, by default, you get the loans. Sure, its an extra step no usually taken in the past. We don't live in the past, we live in the present. The past efforts don't always work in the present.
It's time to take advantage of this market and not to be a statistic. Since the start of 07, after the new licensing requirements, the number of LO's in our state has fallen dramatically. The customers they would have gotten are up for grabs now. Don't let the other guy get um!!
If you look at what other LO's are doing, turn around and do the opposite. Things will change.
Now more then ever the "gurus" are out in force. But if you're like me, you have noticed that not only are the "gurus" out in force, the price to "learn" from these guys has risen as well.
Get hyped when you're at the seminar, get home and get ready to get ready. "It's a process" we say. I'll start tomorrow. By the end of the week, the hype and adrenalin has gone. So has your money.
I am not saying they are not worth the money. I am not bashing the "gurus" out in the industry. What I am saying is that identifying the things that work can and will take time, and, if done properly will usually cost money. Lots of money.
If you are not closing several more deals per month then you used to, you are simply not capitalizing on the market. They re-fis, the purchase loans and the Realtor deals are still around. The one thing that has changed is far fewer LO's are around to do the job. That means more for you. Are you getting your share?
After going to every seminar around for the last 10 years, I offer this as food for thought!
Don't expect new or better results with the same efforts. Doesn't work that way. Watch what every other LO is doing and do something different.
That's what we teach, thats what we do and my hope is that you all do as well.
Realtors have an endless source of leads for us. You just simply have to make them a viable lead for the Realtor first. You come later!
Good Luck!
No catch, no nuttin. If you'd like a free LO marketing e-book, drop me a line. You can check out the e-book at www.loanofficerlibrary.com - This is not a sales pitch. Do NOT buy the book. I will send you a copy for free. No strings. No sales! No catch! If it helps, great.
Thanks for reading and as always, check out www.easywaytoshop.com and drop us a line to be added to the directory - No charge! Site launch 2nd quarter in 09
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